Questions and Answers: King's Cross leasehold conveyancing
I am on look out for some leasehold conveyancing in King's Cross. Before I set the wheels in motion I would like to find out the unexpired term of the lease.
Assuming the lease is registered - and almost all are in King's Cross - then the leasehold title will always include the short particulars of the lease, namely the date; the term; and the original parties. From a conveyancing perspective such details then enable any prospective buyer and lender to confirm that any lease they are looking at is the one relevant to that title.For any other purpose, such as confirming how long the term was granted for and calculating what is left, then the register should be sufficient on it's own.
I am intending to let out my leasehold flat in King's Cross. Conveyancing solicitor who did the purchase is retired - so can't ask her. Is permission from the freeholder required?
Notwithstanding that your previous King's Cross conveyancing solicitor is not available you can review your lease to check if it allows you to sublet the apartment. The rule is that if the lease is silent, subletting is permitted. There may be a precondition that you are obliged to seek consent from your landlord or some other party in advance of subletting. This means you not allowed to sublet in the absence of first obtaining permission. Such consent should not be unreasonably withheld. If the lease does not allow you to sublet you should ask your landlord for their consent.
What are your top tips when it comes to finding a King's Cross conveyancing practice to carry out our lease extension conveyancing?
When appointing a conveyancer for lease extension works (regardless if they are a King's Cross conveyancing practice) it is most important that he or she should be familiar with the legislation and specialises in this area of conveyancing. We suggested that you speak with several firms including non King's Cross conveyancing practices before you instructing a firm. If the firm is ALEP accredited then that’s a bonus. Some following of questions could be useful:
- How familiar is the firm with lease extension legislation?
Do you have any advice for leasehold conveyancing in King's Cross with the aim of speeding up the sale process?
- A significant proportion of the delay in leasehold conveyancing in King's Cross can be avoided if you get in touch lawyers as soon as you market your property and ask them to put together the leasehold documentation which will be required by the purchasers’ lawyers.
- The majority landlords or managing agents in King's Cross charge for providing management packs for a leasehold premises. You or your lawyers should discover the fee that they propose to charge. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most common reason for frustration in leasehold conveyancing in King's Cross.
Our conveyancer has advised that he intends to complete and exchange simultaneously on the disposal of our £500000 flat in King's Cross in six days. The management company has quoted £360 for Landlord’s certificate, building insurance schedule and previous years service charge statements. Is the landlord entitled to charge such fees for a leasehold conveyance in King's Cross?
King's Cross conveyancing on leasehold apartments more often than not necessitates the purchaser’s lawyer submitting enquiries for the landlord to address. Although the landlord is under no legal obligation to answer these enquiries the majority will be willing to do so. They are entitled levy a reasonable charge for answering questions or supplying documentation. There is no upper cap for such fees. The average fee for the information that you are referring to is over three hundred pounds, in some transactions it is in excess of £800. The management information fee demanded by the landlord must be accompanied by a synopsis of entitlements and obligations in relation to administration fees, otherwise the invoice is not strictly payable. Reality however dictates that you have no option but to pay whatever is requested of you should you wish to sell the property.
After months of negotiations we simply can't agree with our landlord on how much the lease extension should cost for our flat in King's Cross. Does the Leasehold Valuation Tribunal have jurisdiction to calculate the appropriate figures?
Where there is a absentee freeholder or where there is disagreement about the premium for a lease extension, under the relevant legislation it is possible to make an application to the Leasehold Valuation Tribunal to decide the price.
An example of a Lease Extension matter before the tribunal for a King's Cross premises is Flat 89 Trinity Court Grays Inn Road in February 2013. the Tribunal found that the premium to be paid by the tenant on the grant of a new lease, in accordance with section 56 and Schedule 13 to the Leasehold Reform, Housing and Urban Development Act 1993 should be £36,229. This case related to 1 flat. The unexpired lease term was 66.8 years.